What is covered under flex spending?

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.

What is the flex spending limit for 2020?

$2,750 each year
How much can I contribute to my FSA? Beginning January 1, 2021, Health FSA contributions are limited by the IRS to $2,750 each year (this remains unchanged from the 2020 limit of $2,750).

What items are eligible for flex spending?

FSA Eligible Over the Counter (OTC) Supplies

• Bandages (adhesive or elastic)
• Braces and supports.
• Catheters.
• Condoms.
• Contact lens solution and supplies.
• Crutches.
• Dentures and denture adhesives.
• Diagnostic tests and monitors.

Are tampons FSA eligible?

Yes! Tampons are now classified as a “medical expense,” making them FSA eligible.

What happens to unused flex spending account money?

In other words, FSA funds are use it or lose it, and any unused money left over at the end of the year is no longer yours. Unused funds go to your employer, who can split it among employees in the FSA plan or use it to offset the costs of administering benefits.

What can you spend FSA money on 2021?

A few fast facts about FSAs

• You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.
• You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor’s prescription.

Is toilet paper FSA eligible?

On the counterpoint, let’s take a quick look at some of the expenses that don’t qualify for payment out of your HSA, even during the coronavirus pandemic: Babysitting and childcare costs for a normal, healthy child. Medicines and drugs from other countries. Personal care items like toilet paper and soap.

Can I buy pads with FSA?

Are Pads FSA Eligible? Yes! The CARES Act has reclassified menstrual pads as a “medical expense,” which means you can now use your FSA to pay for pads.

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